Generative artificial intelligence (genAI) could be used to address the current issues of high costs and poor patient experiences in the pharma and healthcare sectors.
The technology could also be utilised to enhance efficiency and patient outcomes.
Data and analytics company, GlobalData believes that ‘genAI is poised to significantly transform the industry’.
Kiran Raj, Practice Head of Disruptive Tech at GlobalData, said: “GenAI is fundamentally revolutionising the healthcare scene, powering a transformative shift across the value chain. Its ability to customise multi-format content, serving everyone from pharmaceuticals to patients, bestows precisely targeted communication. However, adhering to responsible AI is pivotal in building trust and managing risks within the industry.”
Saurabh Daga, Associate Project Manager of Disruptive Tech at GlobalData, added: “GenAI can streamline personalised care and guided diagnosis by synthesising key data points from patients’ medical history, family history, and lifestyle. The technology can help physicians provide more effective care at lower costs, leading to better patient outcomes.”
In its latest Innovation Radar report entitled ‘New prescription: generative AI meets healthcare’, GlobalData offers a comprehensive view of how genAI is being implemented across the pharma value chain for applications ranging from research and development, imaging and diagnostics to patient care and support.
The company said that ‘genAI is set to revolutionise drug discovery by generating novel drug candidates based on researcher-provided criteria and constraints’. Additional capabilities include predicting the efficacy and safety of new drug candidates and personalising drug therapy, which could improve patient outcomes.
Daga concluded: “While the genAI landscape is not without risks, especially in regulated industries like pharma and healthcare, there is potential for significant advancements and benefits. Challenges such as bias, discrimination, and privacy need to be mitigated through governance.
“It is crucial to partner with organisations that offer industry perspective and technology expertise at the intersection of responsible AI to fully leverage the potential of recent technological breakthroughs.”